TheCable

CapitalSage Technology Limited, an integrated digital financial group in Nigeria, says it has raised $4 million in a series one private company notes (PCN) issuance under its N10 billion programme.

The startup said the fund would be used to accelerate its growth across different markets in Nigeria and other African countries.

Founded in 2014 under the name, ‘Divine Mercy,’ CapitalSage provides inclusive solutions to individuals and businesses for continuous value and wealth creation in Africa.

In a statement on Tuesday, the company said “the Series 1 issuance, with a 365-day tenor, was subscribed with firm commitments from fund managers and other institutional investors, and United Capital Plc”.

According to the statement, CapitalSage is the first fintech company to be noted on a private markets platform and to raise the highest debt amount in the Nigerian capital markets.

John Alamu, CapitalSage group managing director, said, “Our expansion is mostly driven by our agenda to provide a sustainable and inclusive digital financial infrastructure that continually empowers individuals and businesses and facilitates wealth creation.

“With this funding, we are poised to further redefine the finance landscape and scale up financial inclusion across Africa.”

Babatunde Ajayi, head of capital markets and advisory at United Capital, said: “CapitalSage Technology is a FinTech which offers a wide range of financial and technological solutions service range and has shown a huge growth potential.

“The Company was able to attain an investment-grade rating from GCR, enabling this first entry into the Capital Markets. The transaction affirms CapitalSage’s strong management execution capacity and corporate governance position.

“In addition, it has paved the way for other FinTechs to approach the Nigerian Capital Markets, especially the deep pool of Private Markets.”

CapitalSage joins the pool of other fintech firms that have raised funds for their business operations in 2021, such as Appzone ($10 million in April), Lidya ($8.3 million in July), Cowrywise ($3 million in January), and Bankly ($2 million in March).